ConCourt judgment in Capitec vs SARS clarifies important VAT principles

The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.

Supreme Court of Appeal sends a clear warning about non-compliant group schemes

SCA rules on the dispute between KGA Life and Multisure that arose after the cancellation of the intermediary agreement.

FSP ‘failed to act’ against reps implicated in hundreds of policy fraud cases

Mbalane Financial Services tells the Tribunal it was entitled to wait for a final forensic report from Old Mutual.

Strong demand for funeral cover despite tough environment, says Clientèle

Financial services group red-flags higher-than-expected policyholder withdrawals.

Funeral insurance – a product for the poor, or is it?

Statistics indicate that 42% of South Africans had funeral cover in 2021, down from 53% in 2019. This is surprising considering that the pandemic increased claims, as well as people’s fear of death, the world over and significantly impacted the funeral insurance market and the claims environment.

Syndicates commit murder, stage hit-and-run accidents to defraud life insurers

Life insurers’ fraud investigations have turned up more evidence of deathly get-rich schemes in which syndicates take out funeral insurance on victims they subsequently kill in order to submit a claim. Syndicates, particularly […]

Big increase in fraudulent and dishonest risk cover claims in 2021

Life insurers detected 4 287 fraudulent and dishonest claims worth R787.6 million across all lines of risk business in 2021. This is a 34.5% increase in the number of such claims from 2020, […]

FSCA reissues exemptions from competency requirements for certain licence categories

In February, the FSCA published FSCA Communication 4 announcing that it is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit […]

Only 19% of South Africans are insured when funeral cover is excluded

Some 60% of South Africans report having an insurance product, and insurance penetration, measured using premiums as a percentage of GDP, was 13.7% in 2020 – one of the highest in the world, […]

‘Fit and proper’ exemptions for credit life, funeral insurance FSPs

The FSCA is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. The reason for the exemptions is […]